Wirefield Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02628148 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Wirefield Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H MacLeod

L Chapman

K A Davis

REGISTERED OFFICE:

38 Standard Way

Fareham Industrial Estate

Fareham

Hampshire

PO16 8XG

REGISTERED NUMBER:

02628148 (England and Wales)

ACCOUNTANTS:

Roches Chartered Accountants

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

FIXED ASSETS

Tangible assets

5

46,749

70,511

CURRENT ASSETS

Stocks

6

436,828

775,902

Debtors

7

1,539,482

1,600,803

Cash at bank and in hand

14,320

16,917

1,990,630

2,393,622

CREDITORS

Amounts falling due within one year

8

681,960

1,130,305

NET CURRENT ASSETS

1,308,670

1,263,317

TOTAL ASSETS LESS CURRENT LIABILITIES

1,355,419

1,333,828

CREDITORS

Amounts falling due after more than one year

9

1,485

7,215

NET ASSETS

1,353,934

1,326,613

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,253,934

1,226,613

SHAREHOLDERS' FUNDS

1,353,934

1,326,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2021 and were signed on its behalf by:

J H MacLeod - Director

1.	STATUTORY INFORMATION

Wirefield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, measured at the fair value of consideration received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

4% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost and Straight line over 7 years

Motor vehicles

-

40% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks have been valued at the lower of cost and net realisable value being the estimated selling price less costs to sell. Cost is based on the cost of purchase measured on a weighted average basis.

At each reporting date, stocks are assessed for impairment and allowance is made for obsolete and slow-moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 21 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

9,117

282,398

291,515

Additions

-

1,667

1,667

Disposals

-

(14,800

)

(14,800

)

At 31 December 2020

9,117

269,265

278,382

DEPRECIATION

At 1 January 2020

441

220,563

221,004

Charge for year

364

23,634

23,998

Eliminated on disposal

-

(13,369

)

(13,369

)

At 31 December 2020

805

230,828

231,633

NET BOOK VALUE

At 31 December 2020

8,312

38,437

46,749

At 31 December 2019

8,676

61,835

70,511

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

54,490

Transfer to ownership

(33,000

)

At 31 December 2020

21,490

DEPRECIATION

At 1 January 2020

21,561

Charge for year

13,172

Transfer to ownership

(23,719

)

At 31 December 2020

11,014

NET BOOK VALUE

At 31 December 2020

10,476

At 31 December 2019

32,929

6.

STOCKS

31.12.20

31.12.19

£

£

Stocks

436,828

775,902

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

698,099

828,230

Amounts owed by group undertakings

728,347

686,770

Other debtors

113,036

85,803

1,539,482

1,600,803

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

217,854

469,750

Hire purchase contracts

5,731

8,280

Trade creditors

281,232

410,171

Taxation and social security

95,627

66,602

Other creditors

81,516

175,502

681,960

1,130,305

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

1,485

7,215

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank overdrafts

217,854

379,741

Bank loans

-

90,009

Hire purchase contracts

7,216

15,495

225,070

485,245

The bank overdraft is secured by a fixed and floating charge over the company's assets.

A charge is held over the book debts of the company by HSBC Invoice Finance (UK) Limited.

Hire purchase debt is secured on the assets concerned.

11.	OTHER FINANCIAL COMMITMENTS

Wirefield Limited and Mandaco 516 Limited have issued to HSBC Bank PLC, an unlimited composite company guarantee to secure all liabilities of each other.

As at the 31st December 2020, the company had obligations totalling £210,113 (2019: £283,535) in respect of non-cancellable operating leases.